JMTG vs. BNO

Last updated Jun 5, 2026

JMTG (JPMorgan Mortgage-Backed Securities ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - JMTG is a Mortgage Backed Securities fund actively managed by JPMorgan, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. JMTG is actively managed, while BNO is passively managed. At a correlation of -0.38, they often move in opposite directions. JMTG charges 0.24%/yr vs 0.90%/yr for BNO.

Performance

JMTG vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Mortgage-Backed Securities ETF (JMTG) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMTG achieves a 0.53% return, which is significantly lower than BNO's 85.31% return.

JMTG

• 1D: 0.08%
• 1M: -0.08%
• YTD: 0.53%
• 6M: 0.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -2.71%
• 1M: -9.80%
• YTD: 85.31%
• 6M: 79.66%
• 1Y: 88.71%
• 3Y*: 26.74%
• 5Y*: 23.48%
• 10Y*: 13.13%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JMTG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
JMTG JPMorgan Mortgage-Backed Securities ETF	0.53%	3.90%
BNO United States Brent Oil Fund LP	85.31%	-2.98%

Correlation

The correlation between JMTG and BNO is -0.38, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	-0.38

Return for Risk

JMTG vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 65
BNO Sortino Ratio Rank: 57
BNO Omega Ratio Rank: 61
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JMTG vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Mortgage-Backed Securities ETF (JMTG) and United States Brent Oil Fund LP (BNO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	JMTG	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.15	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	0.14	+1.18

Drawdowns

JMTG vs. BNO - Drawdown Comparison

The maximum JMTG drawdown since its inception was -2.78%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for JMTG and BNO.

Drawdown Indicators

	JMTG	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-2.78%	-87.06%	+84.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.87%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-1.72%	-12.72%	+11.00%
Average Drawdown Average peak-to-trough decline	-0.67%	-40.16%	+39.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.48%	—

Volatility

Volatility by Period

	JMTG	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.21%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	41.56%	-37.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.67%	35.40%	-31.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.67%	36.69%	-33.02%

JMTG vs. BNO - Expense Ratio Comparison

JMTG has a 0.24% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

JMTG vs. BNO - Dividend Comparison

JMTG's dividend yield for the trailing twelve months is around 3.91%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
JMTG JPMorgan Mortgage-Backed Securities ETF	3.91%	2.10%

Frequently Asked Questions

Can I hold both JMTG and BNO in my portfolio?

JMTG and BNO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JMTG or BNO?

On fees, JMTG is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JMTG or BNO?

JMTG is cheaper with a 0.24% expense ratio, compared with 0.90% for BNO.

Which ETF pays a higher dividend yield, JMTG or BNO?

JMTG has the higher dividend yield at 3.91%, compared with 0.00% for BNO.

What is the main difference between JMTG and BNO?

JMTG is categorized as Mortgage Backed Securities, while BNO is Oil & Gas. They also come from different issuers: JPMorgan and Concierge Technologies. Their fees differ too: 0.24% for JMTG and 0.90% for BNO.